A Comprehensive Application and Use Cases of AI.
Artificial intelligence (AI) is a commonly used term in Fintech. It refers to the simulation of human knowledge, experience, and intelligence in computer software systems. AI systems can learn from past experiences, make logical decisions, and understand user needs. In other words, AI is like remembering things from the past and using them in the future based on a set of rules.
Artificial intelligence (AI) is unlikely to feel emotions like love or hate. It is also unlikely to become intentionally benevolent or malevolent. However, there are risks associated with AI development, such as using autonomous weapons. These weapons are programmed to kill and could easily cause mass murder if they fall into the wrong hands.
Agriculture: Defects and nutrient deficiencies in the soil: AI can be used to analyze soil samples and identify defects and nutrient deficiencies. This information can be used to improve crop yields and soil health. For example, IBM’s Watson Decision Platform for Agriculture uses AI to help farmers make better crop planting, irrigation, and fertilization decisions. Farmers in Kenya can receive individualized agricultural advice via AI-powered smartphone platforms like Arifu and UjuziKilimo, which helps them increase crop output and lower post-harvest losses.
Artificial creativity: AI can be used to create art, music, and literature. For example, MuseNet is a neural network that can generate classical music. Google e AI has also created a text-to-image generator that can create realistic images from text descriptions. Eclipse Nkasi, a nigerian music producer uses ai to generate afrobeats album.
Auditing: AI can audit financial statements and continuously identify potential fraud. For example, PwC’s IntelliAudit uses AI to analyze financial data and identify anomalies that could indicate fraud.
Banking: AI can be used for customer support, fraud detection, and trading. For example, Bank of America uses AI to answer customer questions and detect fraudulent transactions. Goldman Sachs uses AI to trade stocks and other financial instruments.
Mpesa: AI algorithms are used by Safaricom’s mobile money service, M-Pesa, to evaluate client data and provide specialized financial services, including micro-loans and savings products. Safaricom uses ai to combat fraud in many ways. The notable one is geolocation when withdrawing money from an agent. safaricom uses an Anti-fraud management tool that is able to monitor performance, with robust capability for M-PESA and international money transfers that flags money laundering.
Chatbots: AI can be used to create chatbots that can interact with humans in a natural way. Chatbots are used in a variety of industries, including customer service, healthcare, and education. For example, Safaricom PLC uses Zuri; an artificial intelligence (AI) Chatbot assistant available on Telegram and Facebook Messenger. Amazon’s Alexa is a chatbot that can answer questions, play music, and control smart home devices.
Cyber-security: AI can be used to detect vulnerabilities in computer systems and networks, and to identify anomalous user behavior that could indicate a cyberattack. For example, IBM’s Watson for Cyber Security uses AI to analyze data from security logs and identify potential threats.
E-commerce: AI can be used to recommend products to customers, personalize the shopping experience, and prevent fraud. For example, Jumia Kenya enya uses ai and machine learning to make more resonant product recommendations. When making suggestions, the data science team can create and refine algorithms that consider price, browsing history, previous purchases, and other data points available in the data lake. Amazon uses AI to recommend products to customers based on their past purchases and browsing history. Alibaba uses AI to personalize the shopping experience for its customers in China.
Education: AI can be used to create personalized learning experiences for students, grade essays, and answer student questions. For example, Knewton’s adaptive learning platform uses AI to create personalized student learning experiences. Google AI has also created a system that can grade essays automatically. In Kenya, AI-powered platforms like Eneza Education and M-Shule provide students with individualized learning opportunities, while Fuzu Ltd offers individualized job recommendations and tools for skill development.
Finance: AI is used in a variety of ways in finance, including trading, risk management, and fraud detection. For example, hedge funds trade stocks and other financial instruments using AI. Banks use AI to manage risk and detect fraudulent transactions.
Government: AI is used by governments for a variety of purposes, including mass surveillance, fraud detection, and disaster management. For example, the US government uses AI to track suspected terrorists and to detect fraudulent tax returns. The Indian government uses AI to track illegal immigration and to manage natural disasters. China uses AI for mass surveillance of its citizens.
Healthcare: AI is used in healthcare for a variety of purposes, including disease diagnosis, drug discovery, and patient monitoring. For example, IBM’s Watson for Oncology uses AI to help doctors diagnose cancer. Google AI has also developed a system to detect diabetic retinopathy from eye images. In Kenya, Ilara Health , an AI-powered diagnostic tool, is used to analyze medical pictures in order to enable the early identification and treatment of diseases, while Totohealth – Saving lives of children under 5 years using mobile technology h, a mobile health app, uses AI to inform parents about their children’s and their own health.
Hospitality: AI can be used to predict hotel guests’ preferences, personalize the guest experience, and improve customer service. For example, Marriott International l uses AI to predict which guests are likely to book a room again. Hilton uses AI to personalize the guest experience by recommending restaurants and activities.
Human resources: AI can be used to automate tasks such as recruiting, hiring, and training. For example, Amazon n uses AI to screen job applications. Unilever ver uses AI to train employees on new products and services.
Law: AI can be used to assess the likelihood of a defendant becoming a recidivist, and to predict the outcome of legal cases. For example, IBM’s Watson for Law uses AI to automate legal tasks and to help lawyers assess the likelihood of a defendant becoming a recidivist. The University of Chicago Law School has developed a system that can predict the outcome of legal cases with 80% accuracy.
Logistics and supply chain: AI can be used to optimize transportation routes, manage inventory, and prevent fraud. For example, Amazon uses AI to optimize its transportation routes. Walmart uses AI to manage its inventory and optimize transportation routes.
Marketing: AI can be used to deliver personalized ads, target marketing campaigns, and measure the effectiveness of marketing campaigns. For example, Google uses AI to deliver personalized ads on its search engine. Facebook uses AI to target marketing campaigns to specific demographics.
Military: AI is used by the military for a variety of purposes, including intelligence gathering, target identification, and autonomous weapons systems. For example, the US military uses AI to gather intelligence from social media and develop autonomous drones. The Israeli military uses AI to identify targets for airstrikes.
Navigation: AI is used in navigation systems to provide real-time traffic updates, suggest alternative routes, and find parking. For example, Self-driving Tesla car uses its sensors, cameras, and other data sources to understand its environment comprehensively. This information is then fed into an AI algorithm, which analyzes the data and decides how to navigate the car within the specified range safely. @Little cab in Kenya uses ML and ai to predict the best routes and recommend the most optimal ones to the drivers and evaluating the driver’s performance based on various data points like behaviour, driving patterns, rating, cancellations, etc. Google Maps uses AI to provide personalized directions.
Retail: AI can personalize the shopping experience, prevent fraud, and optimize inventory management. For example, AI can be used to answer customer questions in real-time, identify fraudulent transactions or recommend products that are likely to interest a particular customer.
- Amazon: Amazon uses AI to answer customer questions, recommend products, and optimize inventory.
- Walmart uses AI to track inventory, predict demand, and optimize pricing.
- Target: Target is using AI to personalize recommendations and target marketing campaigns.
Robotics: AI is used to control robots, navigate environments, and interact with humans. For example, AI can teach robots how to perform tasks or navigate through a warehouse.
- Boston Dynamics: Boston Dynamics uses AI to develop robots that can walk, run, and jump like humans.
- Amazon Robotics: Amazon Robotics uses AI to control robots that pick and pack orders in warehouses.
- ABB: ABB uses AI to develop robots to weld and paint cars.
Social media: AI is being used in social media to remove harmful content, identify fake news, and target advertising. For example, AI can be used to flag posts that contain hate speech or violence.
- Facebook: Facebook is using AI to remove harmful content and identify fake news.
- Twitter (X): Twitter is using AI to target advertising and combat spam.
- YouTube e: YouTube is using AI to recommend videos and remove harmful content.
Space exploration: AI is being used in space exploration to control spacecraft, navigate through space, and analyze data. For example, AI can be used to help astronauts land on the moon or to identify exoplanets.
- NASA – National Aeronautics and Space Administration A: NASA is using AI to control spacecraft, navigate through space, and analyze data.
- ESA: ESA is using AI to develop new space exploration technologies.
- JAXA: JAXA is using AI to explore the moon and Mars.
Sports betting: AI is being used in sports betting to predict outcomes, identify patterns, and optimize strategies. For example, AI can be used to predict the outcome of a football game or to identify which players are most likely to score a goal.
- Pinnacle Sports: Pinnacle Sports is using AI to predict outcomes and optimize strategies for sports betting.
- Betfair: Betfair is using AI to identify patterns and trends in sports betting data.
- DraftKings: DraftKings is using AI to predict the outcome of sporting events.
Workplace health and safety: AI is being used in the workplace to improve safety, prevent accidents, and protect workers. For example, AI can be used to monitor workers’ health, detect hazards, and alert workers to potential dangers.
- Google: Google is using AI to develop a system that can detect workplace accidents.
- Siemens: Siemens is using AI to develop a system that can monitor workers’ health and safety.
- Honeywell: Honeywell is using AI to develop a system that can detect and prevent fires in factories.
- Bosch: Bosch is developing AI-powered systems that can be used to monitor equipment and to identify potential hazards.
These are just a few of the many applications of AI. As AI technology continues to develop, we can expect to see even more innovative and groundbreaking applications in the years to come.